The GOP has no counteroffer, but is already rejecting Biden's proposal that rests on a plan to raise taxes on those earning $400,000 or more.
so far, other than a flat “no” to a Biden blueprint with tax increases on the wealthy that could form the policy backbone of Biden’s yet-to-be-declared campaign for reelection in 2024.
Yet the president doubted that GOP lawmakers could make their numbers match their calls for a balanced budget and he suggested that any efforts to do so could come at the expense of middle-class families.Biden’s package of tax and spending priorities is unlikely to pass the GOP-run House or the Senate, where Democrats hold a slim edge, as proposed.
The tax increases include a reversal of the 2017 tax cuts made by President Donald Trump on people earning more than $400,000 a year. At a time of increased tensions with Russia and China, the budget shows a decline in military spending as a share of the U.S. economy over the next decade. But federal spending would be equal to roughly one-quarter of economic output as the spending on Social Security and Medicare climbs, essentially keeping the government the same size as it is currently.
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